Or is there some form of equity assumed when that deal closes? And just more broadly as it relates to equity,

or is there some form of equity assumed when that deal closes and just more broadly as it relates to equity


accept some of the interest that we've been receiving out of our Miami office from the Caribbean and Central and South America.

except some of the interest that we've been receiving out of our miami office from the caribbean and central and south america


and ignition systems at leading Japanese and European customers.

and ignition systems at leading japanese and european customers


and there's a few million dollars separating their final offer with our final demand,


and then turn the call over to Mays to finish out the deck. Thereafter, we'll the happy to entertain your questions.

and then turn the call over to mayes to finish out the deck thereafter we'd be happy to entertain your questions


And we expect to submit regulatory filings for our undisclosed rare disease program to initiate clinical trials in the first half

and we expect to submit regulatory filings for our undisclosed rare disease program to initiate clinical trials in the first half


Remember, this growth is both revenue and adjusted EBITDA and this is all organic.

remember this growth is both revenue and adjusted ebitda and this is all organic


Consistent with this new vision, we look for Funding Stream and Franchise to continue to gain traction in the quarters and years ahead.

consistent with this new vision we look for funding stream and franchise to continue to gain traction in the quarters and years ahead


I think we've seen over the last 12 months a pickup of

i think we've seen over the last 12 months a pickup of


we've got to work through that with our partner and see if we can come to an agreement over what the value is.

we've got to work through that with our partner and see if we can come to agreement over what the value is


U.S. insolvency continues to have good flow available, and we're hopeful we can keep up the pace of volume.

u s insolvency continues to have good flow available and we're hopeful we can keep up the pace of buying


But when you have the consumer shifting to smaller brands but doesn't stick with the smaller brands and comes back to the big brands,

but when you have the consumer shifting to smaller brands but doesn't stick with the smaller brands and comes back to the big brands


and we hope that we can gain a lot from synergies also from Basefarm acquisition because they have a very good

and we hope that we can gain a lot from synergies also from basement acquisition because they have a very good


We believe this will strengthen our partner ecosystem and encourage even more referral business to us.

we believe this will strengthen our partner ecosystem and encourage even more referral business to us


The increase in the gross profit rate for the first quarter of 2017 reflected a favorable channel mix shift

the increase in the gross profit rate for the first quarter of 2017 reflected a favorable channel mix shift


I'd like to say thanks to Antonio for being a great business partner, to Meg Whitman for giving me this opportunity,

i'd like to say thanks to antonio for being a great business partner to meg whitman for giving me this opportunity


So what's encouraging about the slide, if you look at the Big 3 opcos, SA, Nigeria and Iran,

so what's encouraging about the slide is if you look at the big 3 opcos sa nigeria and iran


is that you do see that reported results lower than the constant currency growth rates


Above all, the management team is working hard every day to deliver long-term shareholder value.

above all the management team is working hard every day to deliver long-term shareholder value


which is expected to provide additional distribution -- distributable cash flow growth in the fourth quarter.


The negative impact of these items was partially offset by a change in our assumptions pertaining to California populations.

the negative impact of these items was partially offset by a change in our assumptions pertaining to california populations


We continue to execute our acquisition strategy to build out a nationwide residential and community reentry facility network.

we continue to execute our acquisition strategy to build out a nationwide residential and community reentry facility network


Our credit results continue to demonstrate better operating performance and favorable credit trends.

our credit results continue to demonstrate better operating performance and favorable credit trends


when we talk about volatility in the communications space, even outside of the top account,

when we talk about volatility in the communications space even outside of the top account


Is it order patterns? Or are you seeing certain types of customers that are typically good leading indicators?

is it order patterns or are you seeing certain types of customers that are typically good leading indicators


concept does travel very, very well outside of Continental Europe. So we'll continue to update you as we do expand,

concept does travel very very well outside of continental europe so we'll continue to update you as we do expand


I asked because some of your peers seems to be growing nicely like you guys, and then you have other that seem to be

i ask because some of your peers seem to be growing nicely like you guys and then you have others that seem to be


as good as that was when we acquired it, there was a lot of work that we had to do to improve it.

as good as that was when we acquired it there was a lot of work that we had to do to improve it


And then we were on pace with what our expectation was for the quarter for the rest of the quarter basically.

and then we were on pace with what our expectation was for the quarter for the rest of the quarter basically


This is providing us with feedback, giving confidence to us that our strategic approach is on the right track.

this is providing us with feedback giving confidence to us that our strategic approach is on the right track


No, our primary supply of Canadian crude goes into the Pacific Northwest refineries, and

so our primary supply of canadian crude goes into the pacific northwest refineries and


in the last 6 years, and they're pricing very attractively into the West Coast. So it is the

in the last 6 years and they're pricing very attractively into the west coast so it is the


and beyond, we don't have -- we don't see any of that timing impact moving from the first quarter to the second quarter.

and beyond we don't have -- we don't see any of that timing impact moving from the first quarter to the second quarter


seems like you guys have your fair share of the operating upset in the California market or the West Coast market.

seems like you guys have your fair share of the operating upset in the california market or the west coast market


The people are happy. So those are all things that contribute to that aspect.

the people are happy so those are all things that contribute to that aspect


And we also did an exclusive range of products around the Star Wars film launch towards the back end of last year.

and we also did an exclusive range of product around the star wars film launch towards the back end of last year


our guys are working day and night to reduce cost, be more efficient on the maintenance, on the fuel,

our guys are working day and night to reduce cost be more efficient on the maintenance on the fuel


we talked last on the third quarter conference call, you guys had suggested we'd see a bump-up in expenses in the fourth quarter and then maybe comes down

we talked last on the third quarter conference call you guys had suggested we'd see a bump up in expenses in the fourth quarter and then maybe comes down


what type of capabilities would make more sense to buy rather than build and how far along you are with identifying the targets?

what type of capabilities would make more sense to buy rather than build and how far along you are with identifying those targets


when we're working through an end-to-end offering that has full control or has partial control,


But then there is a very thin order book after that. So unless we see a dramatic decrease in ship ordering,

but then there is a very thin order book after that so unless we see a dramatic increase in ship ordering


Bottom line results for the quarter were disappointing due to catastrophe losses, which were broadly experienced in the industry.

bottom line results for the quarter were disappointing due to catastrophe losses which were broadly experienced in the industry


We used our over 1 million square feet of distribution capacity and deep partner relationships

we used our over 1 million square feet of distribution capacity and deep partner relationships


We also continue to be very proactive with cost management and have been -- have had solid execution at the factory level.

we also continue to be very proactive with cost management and have been -- have had solid execution at the factory level


where we probably should be if we were to take into consideration our historical perspective on a lack of outages,


We expect that trend to be something that emerges around the globe as natural gas becomes the de facto fuel

we expect that trend to be something that emerges around the globe as natural gas becomes the de facto fuel


In fact, the current baseline level of demand for these products is still much higher relative to the prior baseline period of lower outages,

in fact the current baseline level of demand for these products is still much higher relative to the prior baseline period of lower outages


a lesser extent, the organic decline is also attributed to our expectation of lower sales with certain national account customers,

to a lesser extent the organic decline is also attributed to our expectation of lower sales with certain national account customers


And then, obviously, last time, we talked about other ways that we would see pushing that forward, and that would be

and then obviously last time we talked about other ways that we would see pushing that forward and that would be


Whilst an increase in near miss hazards might be seen as a negative, our view is that an increase is a positive,

whilst an increase in emis hazards might be seen as a negative our view is that an increase is a positive


organization and start thinking about how we're going to think about ourselves in the future,

our organization and start thinking about how we're going to think about ourselves in the future


it's only to push forward. We love what they do and we want them to do it more and we want it to move faster.

it's only to push forwards we love what they do and we want them to do it more and we want it to -- we want to move faster


These measures should not be considered in isolation or as a substitute for our financial results

these measures should not be considered in isolation or as a substitute for our financial results


and so that's changing kind of the composition of how holiday builds. I wouldn't say there's anything that I see out there

and so that's changing kind of the composition of how holiday builds i wouldn't say there's anything that i see out there


But the good part is that surrounding that, we're also seeing the other parts of smart home grow nicely within the category.

but the good part is that surrounding that we're also seeing the other parts of smart home grow nicely within the category


That said, given the complexities of these projects and the overall situation in South Africa,

that said given the complexities of these projects and the overall situation in south africa


would have an impact on what's been in your book of business in recent past?


The company's quarterly results showed the second consecutive quarter of sequential improvements in the business.

the company's quarterly results showed the second consecutive quarter of sequential improvements in the business


You have to designate at the time you buy the product, whether it's personal consumption product or whether it's a product that you intend to resell.

you have to designate at the time you buy the product whether it's personal consumption product or whether it's product that you intend to resell


We are seeing strong results with our premium core brands growing double digit in the past few years.

we are seeing strong results with our premium core brands growing double-digit in the past few years


These are great complements to our team and will support sustainable growth of Lumber Liquidators in the future.

these are great complements to our team and will support sustainable growth of lumber liquidators in the future


we expect to be able to overcome both of those with -- through new customers, organic growth, et cetera.

we expect to be able to overcome both of those with -- through new customers organic growth et cetera


So our group has to do some restructuring at the same time. It's easy to talk about it,

so our group has to do some restructuring at the same time it's easy to talk about it but


Though early, we remain encouraged by both our and other operators' results in the Northwest STACK.

though early we remain encouraged by both our and other operators' results in the northwest stack


totally clear to all and also the strategy that we set the company upon was the right choice.


This enables us to assist the consumer throughout the sales process from design to installation.

this enables us to assist the consumer throughout the sales process from design to installation


all the while ensuring that our brand remains coveted and desirable as we grow globally.


we're going to have -- what are you going to do with 200 million to 300 million bushels of extra beans every single month except to push out storage

we're going to have what are you going to do with 200 million to 300 million bushels of extra beans every single month except to push out storage


With this acquisition, we are purchasing the existing cattle in inventory, which will provide us the opportunity to ensure

with this acquisition we are purchasing the existing cattle in inventory which will provide us the opportunity to ensure


Today, we're guided by one simple mission at Mogo. We want to make it easier for consumers to get in control of their financial health.

today we're guided by one simple mission at mogo we want to make it easier for consumers to get in control of their financial health


If I have an account with Mogo and they offer double the rate, why would I keep it with my bank? Both are savings accounts with the same protection.

if i have an account with mogo and they offer double the rate why would i keep it with my bank both are savings accounts with the same protection


to all these smaller players because the sales force can't effectively do so. So as we're selected as one of the very few players

to all these smaller players because a sales force can't effectively do so so as we're selected as one of the very few players


The level of reinvestments stepped up progressively through the year in both brand and marketing investment and in pricing.

the level of reinvestment stepped up progressively through the year in both branded marketing investment and in pricing


So performance guarantee for each plant such tests

so performance guarantee for each plant such tests


recurring income in a sustainable way because we're very committed to our credit ratings and making sure


with the remainder due to issues which we expect to reverse in due course given the strong fundamentals in the sector.


We have commented in previous calls that there is a divergent path of growth in the region.

we have commented in previous calls that there is a divergent path of growth in the region


stay because we all know that also the competitors are entering into our home markets.

to stay because we all know that also the competitors are entering into our home market


These tend to be different call points and relatively different in terms of business case justification.

these tend to be different call points and relatively different in terms of business case justification


Our strong financial results so far this year combined with continuing high oil prices

our strong financial results so far this year combined with continuing high oil prices


increases in all regions of the world. And we're also seeing increases really in both mobile

increases in all regions of the world and we're also seeing increases really in both mobile


When capacity is constrained, shippers are willing to pay a premium to relocate trucks to ensure their freight gets covered.

when capacity is constrained shippers are willing to pay a premium to relocate trucks to ensure their freight is covered


At this time, I would personally like to thank our dedicated men and women who worked to keep the lights on during extreme weather conditions.

at this time i would personally like to thank our dedicated men and women who work to keep the lights on during extreme weather conditions


and just kind of how things are progressing there on their understanding of you guys underearning by so much

and just kind of how things are progressing there on their understanding of you guys under-earning by so much


So it did draw more on the revolver. To your point that there was more funds put in.

so it did draw more on the revolver to your point that there was more funds put in


I want to mention relative to the performance of the OEM side of the business in Aerospace,

i want to mention relative to the performance of the oem side of the business in aerospace


particularly some local governments, just kind of waiting and holding back on some starts wondering if the rules are going to change.

particularly some local governments just kind of waiting and holding back on some starts wondering if the rules are going to change


the benefits of unifying our operating platform and additional opportunities for efficiency. As a result,

the benefits of unifying our operating platform and additional opportunities for efficiency as a result


Hey David, this is Steve. So let me kind of just walk you through in the Delaware basin where your

david this is steve so let me kind of just walk you through in the delaware basin where you're


growth plus required transformation investment. The regulatory effects on OIBDA are slightly lower,

growth plus required transformation investment the regulatory effects on oikea are slightly lower


All of these are critical to our long-term success, and I am confident in our ability to deliver.

all of these are critical to our long-term success and i am confident in our ability to deliver


And those same assumptions, at least on our part, have been applied, and I assume on everybody else's part.

and those same assumptions at least on our part have been applied and i assume on everybody else's part


and then importantly, focus the bulk of my comments outlining what we are going to do differently going forward.

and then importantly focus the bulk of my comments outlining what we are going to do differently going forward


Yes. John, I think that's the right way that I look at it is everything that's not Ohio and

yes john i think that's the right way that i look at it is everything that's not ohio


give us a sense of the underlying picture of margin both in the half and looking forward,


through the third quarter. And then as we get into the back half of the fourth quarter it starts to level back off. So

through the third quarter and then as we get into the back half of the fourth quarter it starts to level back off so


As part of the program, TESSCO will also support Verizon's general contractors with similar programs.

as part of the program tessco will also support verizon's general contractors with similar programs


we're opportunistic in take advantage of the liquidity that we found for these assets. And the second thing

we're opportunistic in taking advantage of the liquidity that we found for these assets and the second thing


But if it does swing, that's a positive for our sector after years of regulatory expansion.

but if it does swing that's a positive for our sector after years of regulatory expansion


And obviously, we're taking the capital out of the business as we do it. So that's really 2 wins that we've been executing on, on the infrastructure side.

and obviously we're taking the capital out of the business as we do it so that's really 2 wins that we've been executing on on the infrastructure side


investments for customer relationship management and content management capabilities.


Before we start with a few prepared remarks, I'd like to remind everybody that today's presentation will include statements about

before we start with a few prepared remarks i'd like to remind everybody that today's presentation will include statements about


It tends to be that -- versus the second half of the year, the first half cash flow is weaker and in a

it tends to be that versus the second half of the year the first half cash flow is weaker and in a


And then secondly, we've been learning a lot about the power and potential of eSports, and I'm curious if you can talk a little bit about how you see that

and then secondly we've been learning a lot about the power and the potential of esports and i'm curious if you can talk a little bit about how you see that


I guess that's a question I get a lot from investors because the online players are out there talking about how they're taking share.

i guess that's a question i get a lot from investors because the online players are out there talking about how they're taking share


European economy is -- has been frankly better than we thought. As you know, where

european economy has been frankly better than we thought as you know we're


and the possibility of changing international trade policies, but we are optimistic about the future.

and the possibility of change in international trade policies but we are optimistic about the future


So I'm feeling really good working with the sales team and how we're going about deploying the resources we're putting into place,

so i'm feeling really good working with the sales team and how we're going about deploying the resources we're putting into place


And finally, we continue to make excellent progress in our manufacturing operations and BLA-readiness initiatives.

and finally we continue to make excellent progress in our manufacturing operations and bla readiness initiatives


should try to prepare yourself better for real technology changes. So that's a combination.

should try to prepare yourself better for real technology changes but that's a combination


the way people communicate and work with each other so you can bring out a better, stronger business,

the way people communicate and work with each other so you can bring out a better stronger business


Today's call will provide an update on our overall core performance for the second quarter of our fiscal 2017 and

today's call will provide an update on our overall core performance for the second quarter of our fiscal 2017


this is a recurring subject every day.


reconciliation from GAAP to adjusted results is provided in the press release and supplemental slides posted on our website.

the reconciliation from gaap to adjusted results is provided in the press release and supplemental slides posted on our website


it's going to take time because the users that participate in the campaign

it's going to take time because the users that participate in a campaign


there will be more users who deposit money or have a balance with Yahoo. And we would like to offer

there will be more users who deposit money or have a balance with yahoo and we would like to offer


grow within that market to shift to solid state drive where we have a leadership position.

grow within that market to shift to solid state drives where we have a leadership position


month or 2, but you commented on your corrugated medium business obviously slowing and

month or 2 but you commented on your corrugated medium business obviously slowing and


Is it really the right time to go and spend cash when you've got so much organic opportunity?

is it really the right time to go and spend cash when you've got so much organic opportunity


For housing finance to kind of get through some of these regulatory issues, financial markets have to evolve

for housing finance to kind of get through some of these regulatory issues financial markets have to evolve


and when we're talking about other metals like nickel, our results are

and when we're talking about other metals like nickel our results are


In addition to onetime losses due to unprofitable projects and a legal dispute in Europe,

in addition to onetime losses due to unprofitable projects and a legal dispute in europe


there will be different number of people who apply and they may not


At the same time, local market and submarket trends are vital to contextualizing and applying comparable sales results

at the same time local market and submarket trends are vital to contextualizing and applying comparable sales results


a lot of what is going on in the construction space. You've got, both in Florida and

a lot of what is going on in the construction space you've got both in florida and


was how did we begin to shift the mix of predictability and future visibility on the revenues. And

was how did we begin to shift the mix of predictability and future visibility on the revenues and


went back a number of times and looked at pricing for all of our Marketplace products

we went back a number of times and looked at pricing for all of our marketplace products


because the materials really can't play a part of our construction because we've shut that part down. It's our equipment coming to a halt.

because the materials really can't play a part of our construction because we've shut that part down it's our equipment coming to a halt


than we have historically on the revenue side because of the fact that this stuff is shorter duration. We literally

than we have historically on the revenue side because of the fact that this stuff is shorter duration we literally


And this has been driven by the core difference between cash distributions and dividends that Mike McFerran will explain in a minute.

and this has been driven by the core difference between cash distributions and dividends that mike mcferran will explain in a minute


but to have your accountants process all that for you and file extensions to do your personal tax returns.


we continue to explore and investigate opportunities


efforts for now have not yielded an improvement in sales because, obviously, this

efforts for now have not yielded an improvement in sales because obviously this


and much more job certainty for the people working in that market.


is unrelenting. They all want to be located in downtown Toronto or near downtown Toronto.

is unrelenting they all want to be located in downtown toronto or near downtown toronto


above consumer inflation annually, which again has been very well received by payers

above consumer inflation annually which again has been very well received by payers


I'll come on to the details of that in the international a bit shortly. But first, let's have a look at channel performance.

i'll come on to the details of that in the international bit shortly but first let's have a look at channel performance


Some of the figures are difficult to understand because they are not constant currency adjusted, okay?

some of the figures are difficult to understand because they are not constant currency adjusted okay


who are moving their expensive legacy phone service to the cloud. We will continue

who are moving their expensive legacy phone service to the cloud we will continue


are useful to investors to compare our results across several periods and to better understand our operating results.


The goal is to continually cultivate the depth of the relationships with these clients.

the goal is to continually cultivate the depth of the relationships with these clients


as compared to 2012, and the best indication of Applied's resilience is our services business.

as compared to 2012 and the best indication of applied's resilience is our services business


American Snuff reported another good quarter with volume growth of over 2% and net pricing realization

american snuff reported another good quarter with volume growth of over 2% and net pricing realization


The Commerce Cloud is a catalyst for our transformation and modernization leveraged across the company.

the commerce cloud is a catalyst for our transformation and modernization and leverage across the company


Any forward-looking statements speak only of the date of this call, and the company undertakes no obligations to

any forward-looking statements speak only as of the date of this call and the company undertakes no obligations to


where do you see your operating rates in base epoxies at this point, Craig? And

where do you see your operating rates in base apocix at this point greg and


The strong margin performance in Q2 has set us up nicely to absorb wage increases and promotions,

the strong margin performance in q2 has set us up nicely to absorb wage increases and promotions


Speaking of those wellsite solutions, we're seeing increased interest in our solutions across all basins.

speaking of those well site solutions we're seeing increased interest in our solutions across all basins


The success we're seeing from our pilot projects in terms of footfall growth and improving occupier demand

the success we're seeing from our pilot projects in terms of footfall growth and improving occupier demand


We continue to retain a stable market position, market share.

we continue to retain a stable market position market share


and I guess, the ones that you think probably have the largest share to lose.

and i guess the ones that you think probably have the largest share to lose


tens of millions of surgeries in dogs every year, of which we think several million are painful.

tens of millions of surgeries in dogs every year of which we think several million are painful


We expect this program to be very successful in helping many millennial educators get a head start

we expect this program to be very successful in helping many millennial educators get a head start


The channel delivered a weekly average of 12 shows among the top 50 shows during the quarter,

the channel delivered a weekly average of 12 shows among the top 50 shows during the quarter


So first of all, we're staying very focused on the primary product lines that we have, which is our high bay line. It's been

so first of all we're seeing very focused on the primary product lines that we have which is our high bay line it's been


The negative impact from these corporate tax rate changes was anticipated and is unique to our fiscal third quarter

the negative impact from these corporate tax rate changes was anticipated and is unique to our fiscal third quarter


We have not allocated any of it to our dealership business so that everybody can see it eyes wide open.

we have not allocated any of it to our dealership business so that everybody can see it eyes wide open


We did this potentially in a few areas and in -- for a few different wells and in different areas.

we did this intentionally in a few areas and in -- sorry for a few different wells and in different areas


In all cases, our model is one of consistent investment to protect and build our brand equities.

in all cases our model is one of consistent investment to protect and build our brand equities


Well, thank you, Andrew. And as we're still in January, may I wish you a happy New Year to you and your loved ones.

well thank you andrew and as we're still in january may i wish you a happy new year to you and your loved ones


And we have also the change in fair value of assets which are mostly mutual funds, which are not

and we have also the change in fair value of assets which are mostly mutual funds which are not


what many of our customers would call all the features they are looking for in a hearing aid.

what many of our customers would call all the features they're looking for in a hearing aid


Good afternoon, and welcome to the Second Quarter 2016 Earnings Discussion for PennyMac Mortgage Investment Trust.

good afternoon and welcome to the second quarter 2016 earnings discussion for pennymac mortgage investment trust


And then basically, as an aggregator is in or goes into a market,

and then basically as an aggregator is in or goes into a market


And we had a cost miss estimate really mainly by our guys in what we thought it would cost.

and we had a cost miss estimate really mainly by our guys and what we thought it would cost


with slightly increased quoting activity. Orders in the Energy Group are good for products targeted at infrastructure customers.

with slightly increased quoting activity orders in the energy group are good for products targeted at infrastructure customers


because it requires deeply ingraining this as part of our normal culture and behaviors.


We are also advancing with investments in human resources, which is supporting quality and services.

we are also advancing with investments in human resources which is supporting quality and services


Thank you, everybody, and thank you for your interest in Century Casinos and your participation in the call. For

thank you everybody and thank you for your interest in central casinos and your participation in the call


to some extent and maybe to a great extent the new market tax credit award that is scheduled to roll off.


was relatively close to 0. So anytime you saw any growth at all, and you could load hot assets, you could get

was relatively close to 0 so any time you saw any growth at all and you could load hot assets you could get


does that vary if you can show normalization in the majority of patients? Or do you think

does that vary if you can show normalization in the majority of patients or do you think


We continue to differentiate our organization based on our results in quality and patient safety.

we continue to differentiate our organization based on our results in quality and patient safety


these are the strategies that have and will continue to drive shareholder value.


industrial operation and investment strategy. So now you want to directly face up to the capital markets,

industrial operation and investment strategy so now you want to directly phase up to the capital market


when we can expect this to result in some sort of decrease in distribution and customer care costs?


concerns, and believe we need a sufficient amount of time to make a detailed analysis of the feedback received.

concerns and believe we need a sufficient amount of time to make a detailed analysis of the feedback received


I guess, 5 or 6 weeks in Gettington? And just give us a sort of

i guess 5 or 6 weeks in gettysburg and just give us a sort of


I think it's quite clear which markets I'm referring to and that the question then is just

i think it's quite clear which markets i'm referring to and that the question then is just


improve our market position, expand our global reach and generate shareholder value.

improve our market position expand our global reach and generate shareholder value


Materials Analysis drop through was held back as they incurred additional merger activity related costs

materials analysis drop-through was held back as they incurred additional merger activity-related costs


Along with our partner, Regeneron, we also continue to make good progress on the development of a sustained-release formulation of

along with our partner regeneron we also continue to make good progress on the development of a sustained-release formulation


So yes, there is a slight softness in the market now, so -- but we will be pretty much

so yes there is a slight softness in the market now so -- but we will be pretty much


this is a new area to them to sell an all-in, usually they sell the forklift and then you go out, you buy the battery.

this is a new area to them to sell an all-in usually they sell the forklift and then you go out and you buy the battery


As we said before, we individually adjudicate each loan and focus on good-quality borrowers in this segment.

as we've said before we individually adjudicate each loan and focus on good quality borrowers in this segment


negative, but we don't see it as significantly negative to that business. And really, it's because of the

moderately negative but we don't see it as significantly negative to that business and really it's because of the


We believe this growth is evidence to the penetration opportunity that exists for home standby generators and emergency backup power in general.

we believe this growth is evidence of the penetration opportunity that exists for home standby generators and emergency backup power in general


changed a little bit. But from the West Coast, we haven't seen the demand really fall off. Now maybe what you're referring to is

has changed a little bit but from the west coast we haven't seen the demand really fall off now maybe what you're referring to is


We advanced efforts to improve mine development productivity and reduce external expenditures. If we compare

we advanced efforts to improve mine development productivity and reduce external expenditures if we compare


They do, however, achieve operational benefits in technology and supply chain by being part of the same division.

they do however achieve operational benefits in technology and supply chain by being part of the same division


the way that the titles lined up benefited the international markets as well. Mike talked about

the way that the titles lined up benefited the international markets as well mike talked about


And we have also approved some additional optimization work which is siphon string pools, coil tubing activities

and we have also approved some additional optimization work which is side and string pools coal tubing activities


gone. So as we were not informed as of yet of the details of the exact measures,

got so as we were not informed as of yet of the details of the exact measures


that the importance for both part of continued free flowing trade is so important that they will find a solution.

that the importance for both part of continued free-flowing trade is so important that they will find a solution


So far, all of these migrations and new installations have been successful and our program continues to progress well.

so far all of these migrations and new installations have been successful and our program continues to progress well


We also achieved margin expansion in both segments through operational efficiencies gained in the period.

we also achieved margin expansion in both segments through operational efficiencies gained in the period


The bigger revenues from the Master Service Agreement with TIM related to the sites

the bigger revenues from the master service agreement with tim related to the sites


particular comments regarding the company's future plans and expected performance are forward-looking statements.


with some recovery factors increasing from an average of about 9% into the low and mid-teens.


We are excited about moving forward with the purchase option as this expansion will increase the company's renewable portfolio

we are excited about moving forward with the purchase option as this expansion will increase the company's renewable portfolio


we rotated a portion of our lower yielding assets into higher yielding strategies. We continue to focus on sectors

we rotated a portion of our lower yielding assets into higher yielding strategies we continue to focus on sectors


some amount of time now. If you had sort of unfettered or unlimited supply, Bruce,

some amount of time now if you had sort of unfettered or unlimited supply bruce


Thank you again for joining us today. We really appreciate it, and we will be participating

thank you again for joining us today we really appreciate it and we will be participating


our total potential contract value and announced a new manufacturing hub in Matamoros, Mexico.

to our total potential contract value and announced a new manufacturing hub in matamoros mexico


And then lastly, Cortland has also improved in profitability. We had made some major restructuring actions

and then lastly cortland has also improved in profitability we had made some major restructuring actions


which means that every single transaction, one can take a look and see whether it is profitable interchange or not,

which means that every single transaction one can take a look and see whether it is profitable or interchange or not


and at this stage, most likely starting within the card -- card experience, and that includes things like

and at this stage most likely starting within the card card experience and that includes things like


In my following discussion of results, we've restated prior results to reflect this change.

in my following discussion of results we've restated prior results to reflect this change


it -- we're not really expecting a big macro improvement here to deliver what we need to deliver. It's really more just kind of

we're not really expecting a big macro improvement here to deliver what we need to deliver it's really more just kind of


While we don't provide quarterly guidance, please keep in mind that last year, spring product deliveries

while we don't provide quarterly guidance please keep in mind that last year spring product deliveries


about the transactions we do in the country to keep the credit quality of our portfolio pristine.


This is the same slide as the one used during the MTBP meeting in May this year.

this is the same slide as the one used during the mtbp meeting in may this year


Selling, general and administrative costs were higher, but declined as a percentage of sales on the additional volumes.

selling general and administrative costs were higher but declined as a percentage of sales on the additional volume


The proposed integrated 3-train expansion avoids unnecessary and costly duplication of infrastructure.

the proposed integrated 3-train expansion avoids unnecessary and costly duplication of infrastructure


Restructuring costs associated with our margin enhancement initiatives are largely behind us at this point.

restructuring costs associated with our margin enhancement initiatives are largely behind us at this point


The second is as -- over the past few years, we have kept investing in some of these new higher

the second is as over the past few years we have kept investing in some of these new higher


We will continue to focus on driving industry-leading top line growth and profitability,

we will continue to focus on driving industry-leading top line growth and profitability


that's created the issue for us. But what I would -- the way I think about it is largely a timing issue.

that's created the issue for us but what i would -- way i think about it is largely a timing issue


These 2 items are closely tied as it is difficult to improve the utilization of your fleet if your freight basket isn't full.

these 2 items are closely tied as it is difficult to improve the utilization of your fleet if your freight basket isn't full


As we enter our second year as a public company, we look to build on our first year of success and continue to execute on our business plan.

as we enter our second year as a public company we look to build on our first year of success and continue to execute on our business plan


And we're also assuming a federal tax rate of 35%, so wherever that may end up.

and we're also assuming a federal tax rate of 35% so wherever that may end up


We're currently on very different paths but expect clarity this quarter in New York and also Illinois.

we're currently on very different paths but expect clarity this quarter in new york and also illinois


equity market or equity issuance via ATM or other means once you've achieved that target leverage?

equity market or equity issuance via atm or other means once you've achieved that target leverage


reflecting the strength of our focus to expand margins and improve cash generation across the company.


Importantly, with the completion of our recent financing, we are well positioned to deliver on many value-inflection milestones,

importantly with the completion of our recent financing we are well positioned to deliver on many value inflection milestones


which have been both surprising and frustrating, and thus we're disappointed that we do not have incremental new data to share with you today.

which have been both surprising and frustrating and thus we're disappointed that we do not have incremental new data to share with you today


So that's something that we have been looking at. We have been working with partners, as Richie has said, and we are actively moving towards implementation.

so that's something that we have been looking at we have been working with partners as ritchie has said and we are actively moving towards implementation


We will then open the call up to your questions, after which, Dr. Frost will close the call with some final remarks.

we will then open the call up to your questions after which dr frost will close the call with some final remarks


And historically, when costs go up, we are able to at least recover those costs in the way of pricing.

and historically when costs go up we are able to at least recover those costs in the way of pricing


Our strong earnings and profitability demonstrate the emerging potential for the combined company.

our strong earnings and profitability demonstrate the emerging potential for the combined company


We did not have a similar benefit this year. Excluding these settlements, we would have seen an increase in gross profit.

we did not have a similar benefit this year excluding these settlements we would have seen an increase in gross profit


So there's certainly going to be a lot more stations and groups offered for sale.

so there's certainly going to be a lot more stations and groups offered for sale


ad networks, and we're pleased to be working with them. There are a number of others also conducting their own studies.

ad networks and we're pleased to be working with them there are a number of others also conducting their own studies


In the government market, sales were down double digits and gross profit was down single digits from a year ago.

in the government market sales were down double digits and gross profit was down single digits from a year ago


Starting on Slide 6, our Term Life segment experienced strong growth compared with the fourth quarter a year ago.

starting on slide 6 our term life segment experienced strong growth compared with the fourth quarter a year ago


Now moving forward, we continue to believe that Julius Baer through its superior business model, can continue to attract

now moving forward we continue to believe that julius baer through its superior business model can continue to attract


So is it fair to say a little bit early at this point to have necessarily like a targeted split or anything

so is it fair to say a little bit early at this point to have necessarily like a targeted split or anything


increase in those pressures in any significant way. There is incremental capacity being brought on always in these kind of products,

increase in those pressures in any significant way there is incremental capacity being brought on always in these kind of products


We are pleased that the clinical trial design has been completed and the principal investigators have been chosen.

we are pleased that the clinical trial design has been completed and the principal investigators have been chosen


and a more complete selection and be able to put it together better than the others.

in a more complete selection and be able to put it together better than the others


we will also see more capacity expansion, and that will also improve our overall revenues.

we will also see more capacity expansion and that will also improve our overall revenues


This agreement was concluded on the 16th of November last year. It is anticipated that about 3,000 employees

this agreement was concluded on the 16th of november last year it is anticipated that about 3 000 employees


We have got the best execution team, which has actually delivered a project rather than actually going out into the market

we've got the best execution team which has actually delivered a project rather than actually going out into the market


in additional strategic growth opportunities. As always, we will be disciplined in the pursuit

in additional strategic growth opportunities as always we will be disciplined in the pursuit of growth


substantially better part of the cost reduction opportunities that we were planning have been realized


contracts that we closed last year were larger expansions on existing accounts.


The only reason I say it's difficult to classify between cost of sales and other OpEx is

the only reason i say it's difficult to classify between cost of sales and other opex is


A. This was a very positive year for us. I feel that our business continues to be headed in the right direction.

this was a very positive year for us i feel that our business continues to be headed in the right direction


First, I like thank our global team for their outstanding work, not just in the fourth quarter, but for the whole year,

first i'd like to thank our global team for their outstanding work not just in the fourth quarter but for the whole year


And the positive movement in working capital is actually due to changes in the written to earned position.

and the positive movement in working capital is actually due to changes in the written-to-earned position


And whilst a financing solution may take some more time, including potentially introducing new equity partners,

and whilst the financing solution may take some more time including potentially introducing new equity partners


More broadly, the balance of the platform continues to deliver solid results.

more broadly the balance of the platform continues to deliver solid results


And we took you through how cash is moving around the group and how we allocate that capital. We also said at that time

and we took you through how cash is moving around the group and how we allocate that capital we also said at that time


Turning to Slide 14, let me first start with a summary of our financial highlights from the quarter.

turning to slide 14 let me first start with a summary of our financial highlights from the quarter


I do think that there are companies who would be very proud

i do think that there are companies who would be very proud


Although face in total is, I believe, also half of the Indian market.

although phase in total is i believe also half of the indian market


and initiatives discussed above. First, we continue to roll out additional courses under our intellipath format,

and initiatives discussed above first we continue to roll out additional courses under our intellipath format


This new program is designed to award those leaders who are delivering the best customer experience on a sustainable basis.

this new program is designed to reward those leaders who are delivering the best customer experience on a sustainable basis


The work and expertise of our risk management team are emphatically highlighted during quarters like the one we just experienced.

the work and expertise of our risk management team are emphatically highlighted during quarters like the one we just experienced


requirements to follow the primary endpoint of the study. The second is to make sure that they are actually having attacks.

the requirements to follow the primary endpoint of the study the second is to make sure that they are actually having attacks


And it's this good advice that we baked into our new 4.0 release. On the MediaMiser front, thanks to

and it's this good advice that we've baked into our new 4 0 release on the mediamizer front thanks to


Both revenue and operating profit forecasts have been reduced for network products.

both revenue and operating profit forecasts have been reduced for network products


And I just like to know if you could talk about that a little bit more if you really are seeing that trend?

and i'd just like to know if you could talk about that a little bit more if you really are seeing that trend


in the first quarter of next year. But yes, that's a lot of what has to happen between now and then is clients implementing

in the first quarter of next year but yes that's a lot of what has to happen between now and then is clients implementing


you mentioned the interesting Ford example and how this was at least driven in part by generous design.

you mentioned the interesting ford example and how this was at least driven in part by generative design


We really expect that ramp-up in earnings to happen in the second half of the year, so the full year earnings will be up.

we really expect that ramp up in earnings to happen in the second half of the year so that full year earnings will be up


and you are debating whether it will be the wise thing to do because you don't want them to lose

and you are debating whether it will be the right thing to do because you don't want them to lose


Last quarter, I said that to achieve our operating margin model, we needed to manage our operating

last quarter i said that to achieve our operating margin model we needed to manage our operating


and only tear off what is needed, where the repairs need to be made. And it's just a faster, smarter way to get the data,

and only tear off what is needed where the repairs need to be made and it's just a faster smarter way to get the data


You cannot sell summer drinks in winter. That's not healthy.

you cannot sell summer drinks in winter that's not healthy


No other market has seen this level of competition develop and a lot of it has to do with the retail market design.

no other market has seen this level of competition develop and a lot of it has to do with the retail market design


of the factors that could cause actual results to differ materially from those projections in any forward-looking statements.

of the factors that could cause actual results to differ materially from those projections and any forward-looking statements


And so thank you everyone for your participation. You may now disconnect.

and so thank you everyone for your participation you may now disconnect


I'd also note that we use both GAAP and non-GAAP measures and we refer you to our reconciliation of these measures

i'd also note that we use both gaap and non-gaap measures and we refer you to our reconciliation of these measures


there are people in the business that just don't want to talk to the press or do anything that looks like a press release.


as well as deferred revenue related to upfront payments from early licensing agreements.


owners -- it's kind of like insurance, they've kind of built their businesses and they may be looking to sell because they want to exit, and so

the owners -- it's kind of like insurance they've kind of built their businesses and they may be looking to sell because they want to exit and so


I would just like to thank all of you for participating in this call. Thank you, and have a very good day.

i would just like to thank all of you for participating in this call thank you and have a very good day


We'll begin with distribution, which is predominantly made up of sales of aftermarket parts

we'll begin with distribution which is predominantly made up of sales of aftermarket parts


Is that infrastructure-related business always been lumpy for you? Or is it unusually lumpy recently?

is that infrastructure-related business always been lumpy for you or is it unusually lumpy recently


the first things we look at are where we have shared customers. And many of the shared customers are coming to us with

the first things we look at are where we have shared customers and many of those shared customers are coming to us with


We must be profitable every quarter, and we are actively seeking improvements every day to deliver on that goal.

we must be profitable every quarter and we are actively seeking improvements every day to deliver on that goal


is an unrealistic pipe dream, with the substance in the pipe being legal only in Colorado and Washington state.

is an unrealistic pipe dream with the substance and the pipe being legal only in colorado and washington state


Insufficient pipeline takeaway capacity continues in the Permian as a result of that aggressive spend.

insufficient pipeline takeaway capacity continues in the permian as a result of that aggressive spend


So independent of anything we're working on in terms of automation or process improvement, you're going to just see time in the seat is going to help these folks both

so independent of anything we're working on in terms of automation or process improvement you're going to just see time in the seat that's going to help these folks


These factors are outlined in the news release as well as with documents filed by the company with the Securities and Exchange Commission.

these factors are outlined in the news release as well as with documents filed by the company with the securities and exchange commission


but to actually get early warning systems on how they can affect the outcomes of the reporting,


We need to remind you that this presentation is available by audio cast and that you can also follow it

we need to remind you that this presentation is available by audiocast and that you can also follow it


During the quarter, we reduced that liability, given the current estimate of the earn-out based on recent and expected performance

during the quarter we reduced that liability given the current estimate of the earnout based on recent and expected performance


I would say and I think this is a -- as we've been thinking about Investor Day, one of the

i would say and i think this is a -- as we've been thinking about investor day one of the


section of the website. Ares Capital Corporation's earnings release and 10-Q are also available on the company's website.

section of the website ares capital corporation's earnings release and 10-q are also available on the company's website


And lastly, we completed initial customer qualifications for our new specialty filtration paper,

and lastly we completed initial customer qualifications for our new specialty filtration paper


Use and satisfaction with our stapling and energy products has been rising as gen 4 products have increased in the installed base.

use and satisfaction with our stapling and energy products has been rising as gen 4 products have increased in the install base


is going on throughout our business. It touches a number of departments. It's not just customer care

is going on throughout our business it touches a number of departments it's not just customer care


I think the analogy with George is similar to the journey Michael and the merchants have been on.

i think the analogy with george is similar to the journey michael and the merchants have been on


as far as we can see, but we have to get through this and continue to do the right thing for the long term.

as far as we can see but we have to get through this and continue to do the right thing for the long term


The repair and remodel sector also saw improvement, driven by the overall health of the economy and housing market.

the repair and remodel sector also saw improvement driven by the overall health of the economy and housing market


reserves have been placed on our borrowing capacity and we have seen accelerated terms and prepayment requirements from certain vendors.


we must not get or misconclude from international equals for sale.


convince customers to come back or buy more from us. And that's what we're seeing right now. We're seeing some improvement

convince customers to come back or buy more from us and that's what we're seeing right now we've seen some improvement


while deploying additional resources to focus on opportunities and markets where we are under penetrated.

while deploying additional resources to focus on opportunities in markets where we are underpenetrated


Some of that I think is taking share. Some of that has been a decent spend in the municipal space.

some of that i think is taking share some of that has been a decent spend in the municipal space


REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

rex american resources assumes no obligation to publicly update or revise any forward-looking statements


Here we saw a dynamic where the growth in our retail business, more specifically in the Post Bank,

here we saw a dynamic where the growth in our retail business more specifically in the post bank


to bring together the entire customer experience. And we see that. I mean, insurance is a great example of an industry where

to bring together the entire customer experience and we see that i mean insurance is a great example of an industry where


which is why we're giving ourselves perhaps a little bit longer runway to drop the assets down.


I would like to address one more question. In the future,

i would like to address one more question in the future


of the 3 GSA properties, I think it woke up lot of folks that own these assets or brokers that sell these assets.

of the 3 gsa properties i think it woke up a lot of folks that own these assets or brokers that sell these assets


we're very bullish about building a true business development function in the company


Innovative companies are making strategic decisions to outsource a defined portion of their talent needs.

innovative companies are making strategic decisions to outsource a defined portion of their talent needs


We will grow the asset base, and our percentage increase in investment income has been good.

we will grow the asset base and our percentage increase in investment income has been good


will most likely struggle to achieve anything greater than these market conditions will allow.


This information can be found in our other filings with the SEC when available.

this information can be found in our other filings with the sec when available


would suggest should come at some point in this cycle. So we continue to go out there and fight for every order and believe that we can

would suggest should come at some point in this cycle so we continue to go out there and fight for every order and believe that we can


Revenue growth for the Staffing Services segment were mixed for the quarter.

revenue growth for the staffing services segment were mixed for the quarter


of the dividends that would have gone to Renova, we keep them in-house, we don't have to segregate them on any special account of any type,

of the dividends that would have gone to renova we keep them in-house we don't have to segregate them on any special account of any type


Yes, we have to be careful with that. What I would tell you is that price increase was successful, but I can't be more specific

yes we have to be careful with ans what i will tell you is that price increase was successful but i can't be more specific


On the bottom line, by pricing to recover input cost inflation, we've protected profitability

on the bottom line by pricing to recover input cost inflation we've protected profitability


in New York on November 16. More details to follow. If you have any additional questions in the meantime,

in new york on november 16 more details to follow if you have any additional questions in the meantime


with the second quarter reports that retailers are doing well. And it's not just the online business, it's also

with the second quarter reports that retailers are doing well and it's not just the online business it's also


This increases our ability to deliver additional silicon germanium wafers to customers to some extent starting in the second quarter

this increases our ability to deliver additional silicon germanium wafers to customers to some extent starting in the second quarter


kind of listening to your commentary, should I think of this as now you have more time

kind of listening to your commentary should i think of this as now you have more time


We're very pleased with the third quarter consolidated results as we delivered operating income and net income, which are comparable

we are very pleased with the third quarter consolidated results as we delivered operating income and net income which are comparable


hesitant to call out a double-digit growth. What's really changed for you during the quarter to see this kind of momentum?

hesitant to call out a double-digit growth what's really changed for you during the quarter to see this kind of momentum


Having a lower cost structure so that we can continue to run profitably even at lower product pricing.

having a lower cost structure so that we can continue to run profitably even at lower product pricing


This is because we continue to identify new projects and generate larger savings on planned initiatives.

this is because we continue to identify new projects and generate larger savings on planned initiatives


We are investing in our Microbial Solutions business to improve our manufacturing efficiency

we are investing in our microbial solutions business to improve our manufacturing efficiency


That represents our highest annual spot revenue growth rate since separation.

that represents our highest annual spot revenue growth rate since separation


expanding channels of distribution and developing dedicated sections in GameStop stores in several markets.

expanding channels of distribution and developing dedicated sections in gamestop stores in several markets


their ability to take care of their customers and we've picked up some traditional business as well.


Ladies and gentlemen, that does conclude today's conference call. We thank you for your participation and ask that you please disconnect your lines.

ladies and gentlemen that does conclude today's conference call we thank you for your participation and ask that you please disconnect your lines


at our Capital Markets Day. And that's allowed us to reduce significantly the net debt position

at our capital markets day and that's allowed us to reduce significantly the net debt position


We continue to see ways to improve profitability, although we do not believe it will be a smooth path.

we continue to see ways to improve profitability although we do not believe it will be a smooth path


above what we've seen with these other ADCs. So we're hoping that we can have a much better

above what we've seen with these other adcs so we're hoping that we can have a much better


metric for our customers and that too helps them as they kind of position themselves to make sure that they can


Please refer to the forward-looking statement disclosure on Page 2 of the slides and in today's earnings release.

please refer to the forward-looking statement disclosure on page 2 of the slides and in today's earnings release


So again we are very happy. And as you know, this is the first year still relatively small in terms of our overall

so again very happy and as you know this is the first year still relatively small in terms of our overall


We continue to see promising early returns from our increased marketing investment and customer acquisition programs.

we continue to see promising early returns from our increased marketing investment and customer acquisition programs


And I would like to say that we're through it, but we are still churning over the assortment, which gives rise to some of it. So if we're

and i would like to say that we're through it but we are still turning over the sorbent which gives rise to some of it so if we're


The market's also looking at higher exports to Mexico and lower net imports from Canada,

the market's also looking at higher exports to mexico and lower net imports from canada


managing our balance sheet to provide appropriate financial flexibility and returning capital to shareholders.


is one of the ways we're creating a better career management experience for professionals while delivering qualified candidates to customers.

this is one of the ways we're creating a better career management experience for professionals while delivering qualified candidates to customers


which has a direct impact in terms of cost reduction and margin improvement for us and is real money, so we don't have to pay our MNO partner.

which has a direct impact in terms of cost reduction and margin improvement for us and is real money that we don't have to pay our mmo partner


Should one or more of these risks or uncertainties materialize should any of our assumptions prove incorrect,

should one or more of these risks or uncertainties materialize or should any of our assumptions prove incorrect


We can also continue our other operations and research and development programs at a reduced spending level.

we can also continue our other operations and research and development programs at a reduced spending level


So thank you very much for joining us this afternoon. And on behalf of the entire management team,

so thank you very much for joining us this afternoon and on behalf of the entire management team


and also bear in mind that we have recognized somewhat fewer units to consumers this year,


As we've modeled out the fourth quarter, we also anticipate potentially a little benefit in the tax area

as we've modeled out the fourth quarter we also anticipate potentially a little benefit in the tax area


Thanks, Mike. As David mentioned, the work we have done this year, both in terms of lowering leverage through asset sales

thanks mike as david mentioned the work we have done this year both in terms of lowering leverage through asset sales


very much align the executives with that of the performance of shareholders. I mean,

very much align the executives with that of the performance of shareholders i mean


capabilities here, which is unique in this whole space. We will leverage our payments core platform,

capabilities here which is unique in this whole space we will leverage our payments core platform


is that more on adding new customers with the payments module? Or is this

is that more on adding new customers with the payments module or is this


from a much more volatile ethanol business than what we see in our ability to manage risk in cattle.


in the rate of our LIBOR-based credit facility. We had a negligible amount of CapEx during the quarter.

in the rate of our libor-based credit facility we had a negligible amount of capex during the quarter


we think we have a tremendous opportunity from a share gain and market penetration perspective going forward


Now we're much more focused, which we think will allow us to stay in stock on bestsellers, chase the winners.

now we're much more focused which we think will allow us to stay in stock on best sellers chase the winners


the most important thing we can do is to get the test away and do as much as we can


I have no issue at all with environmental and other approvals being run on projects on a case-by-case basis.

i have no issue at all with environmental and other approvals being run on projects on a case-by-case basis


second quarter. And so the second half now is about a stable organization that's well-trained,

second quarter and so the second half now is about a stable organization that's well trained


I won't call it conservative, but realistic on when this unit will really start up. So we've taken all that volume out.

i won't call it conservative but realistic on when this unit will really start up so we've taken all that volume out


Actual results may differ materially from those projected or implied due to a variety of factors.

actual results may differ materially from those projected or implied due to a variety of factors


in a little different framework than you pointed out. I think the consolidation will come between

in a little different framework than you pointed out i think the consolidation will come between


Our team is quite excited to be working on the technology and is already working on the initial prototypes and test methods.

our team is quite excited to be working in the technology and is already working on initial prototypes and test methods


So thank you for that final question. I would now like to summarize the 3 most important points we have discussed this morning.

so thank you for that final question i would now like to summarize the 3 most important points we have discussed this morning


So if you would summarize it that way. So is the risk on the upside or the downside?

so if you would summarize it that way so is the risk on the upside or the downside


And also, as far as material, we actually found an alternate source for one of our chemical materials that

and also as far as material we actually found an alternate source for one of our chemical materials that


performance, obviously, that's something that has to lead to the bottom line and has to lead to the cash flow.

performance obviously that's something that has to lead to the bottom line and has to lead to the cash flow


In California, we are also a major supplier to massive projects like the new Rams stadium,

in california we are also a major supplier to massive projects like the new ram's stadium


One characterized by strength in public demand joining the continuing recovery in private demand.

one characterized by strength in public demand joining the continuing recovery in private demand


And so we're starting to see that growth and we know that they're trying to accelerate the funding.

and so we're starting to see that growth and we know that they're trying to accelerate the funding so


And when you look at appraised values, most appraised values look at a continued redeployment

and when you look at appraised values most appraised values look at a continued redeployment


This strong and consistent cash flow provides the opportunity to position our company for future growth.

this strong and consistent cash flow provides the opportunity to position our company for future growth


drive them up somewhat because that would be part of how we deploy the balance sheet in a positive way.


This includes social housing projects, first phase of multiple phase condominium projects,

this includes social housing projects first phase of multiple phase condominium projects


So -- I mean, the Q3 is always a little bit of a high watermark for our margins.

so i mean the q3 is always a little bit of a high watermark for our margins


Also, the addition of our national EVLT business manager has shown positive early results,

also the addition of our national evlt business manager has shown positive early results


Can you elaborate a little bit more on that? How are you actively sort of trying to loosen up properties that you would like to own?

can you elaborate a little bit more on that how are you actively sort of trying to loosen up properties that you would like to own


The progress in our proprietary programs has attracted strong support from leading health care investors.

the progress in our proprietary programs has attracted strong support from leading health care investors


We believe there will be more to come as more and more companies and people realize the city's advantages and opportunities.

we believe there will be more to come as more and more companies and people realize the city's advantages and opportunities


I have a quick question on the current pace of the business. I know you guys provided some color

i had a quick question on the current pace of the business i know you guys provided some color


how much of the price increases that you've announced are so far being realized?


As you may remember so during the past couple of quarters, it has been the other way around, so that parts has been growing

as you may remember so during the past couple of quarters it has been the other way around so that parts has been -- has been growing


Now talking about EBITDA evolution. I want to confirm the behavior

now talking about ebitda evolution i want to confirm the behavior


It's really to build the platform business of the future because we believe that

it's really to build the platform business for the future because we believe that


and we'll set that cash aside to be used for that particular job. And that's really the way it should be done

and we'll set that cash aside to be used for that particular job that's really the way it should be done


By revealing the areas that need improvement, we know where to focus and take action, which is exactly what we are doing.

by revealing the areas that need improvement we know where to focus and take action which is exactly what we are doing


This means developing and refining solutions that solve a wide variety of business objectives.

this means developing and refining solutions that solve a wide variety of business objectives


You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

you are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made


But we are pleased to see multiple Continental European bank sale processes ongoing.

but we are pleased to see multiple continental european bank sale processes ongoing


lower than that, we're going to achieve very healthy and significant positive

lower than that we're going to achieve very healthy and significant positive


overall for the company, the direction we're in and the results we're seeing, where we're making the investments to set us up for the future.

overall for the company with the direction we're in and the results we're seeing where we're making the investments to set us up for the future


To put this into context more than 3 weeks' worth of total inventory was drawn down from the distribution channel during the quarter.

to put this into context more than 3 weeks' worth of total inventory was drawn down from the distribution channel during the quarter


the issues that went wrong in the past in terms of actually the level model, the community model, addressing all of that,

the issues that went wrong in the past in terms of actually the labor model the community model addressing all of that


And then the other thing that we're hearing from builders that they're in the process of pivoting from

and then the other thing that we're hearing from builders that they're in the process of pivoting from


up to 21 million bales as compared to 14 million bales of last year, and we also believe that we will

up to 21 million bales as compared to 14 million bales of last year and we also believe that we will


in the Satellite Systems division. Next, I'll cover several aspects of the first quarter results

in the satellite systems division next i'll cover several aspects of the first quarter results


becoming more stable? Sure. Well, Brexit is clearly driving a lot of the political

becoming more stable sure well brexit is clearly driving a lot of the political


Jeff will read Doug's prepared remarks and then we will open the call up to questions. Jeff, would you

jeff will read doug's prepared remarks and then we will open the call up to questions jeff would you


Last year the focus has been on having our interior designers qualify for Live Chat.

last year the focus has been on having our interior designers qualify for live chat


of being a leader in the pricing environment as raw material costs have been increasing so dramatically.


negotiation up and running, which was very, very noisy and much louder than the one you currently do see in the Netherlands,

negotiation up and running which was very very noisy and much louder than the one you currently do see in the netherlands


have been starved of capital or they have not had a very thorough investment program for a number of years.

have been starved of capital or they've not had a very thorough investment program for a number of years


We will have taken out as much cost as we possibly can, and we will be operating it

we will have taken out as much cost as we possibly can and we will be operating it


This is another example of an initiative of innovative scope that simply would not have been possible a year ago.

this is another example of an initiative of innovative scope that simply would not have been possible a year ago


Is it fair to say that your debt repayments will only be dictated by

is it fair to say that your debt repayments will only be dictated by


It will get to that point in the next couple of years, but we're more focused on the asset utilization

it will get to that point in the next couple of years but we're more focused on the asset utilization


Items worth noting in the year were the negative effects of the hurricanes and flooding during the quarter

items worth noting in the year were the negative effects of the hurricanes and flooding during the quarter


and restrained capacity growth. And there are reasons to believe that both of those

and restrained capacity growth and there are reasons to believe that both of those


as well as net new also presents an opportunity for us to be able to grow the revenue


Patricia would tell you that is a key element in our value proposition and a reason behind the health of our sales pipeline.

patricia would tell you that is a key element in our value proposition and a reason behind the health of our sales pipeline


We believe that the stock has been impacted by sector cloud that is not relevant to our business.

we believe that the stock has been impacted by sector cloud that is not relevant to our business


it does -- it has been a response on the price side to demand really across the world.

it does -- there has been a response on the price side to demand really across the world


modernize their software development. We will continue to drive customer expansions as well as grow share by winning new customers. With

to modernize their software development we will continue to drive customer expansions as well as grow share by winning new customers


And then, ultimately, I believe it's going to come down to the market share that you're able to achieve

and then ultimately i believe it's going to come down to the market share that you're able to achieve


While the overall trends have been fairly consistent over the last few quarters, the mix of activity has changed somewhat.

while the overall trends have been fairly consistent over the last few quarters the mix of activity has changed somewhat


And doing that groundwork is an urgent matter from the company's perspective, hence, we do have some concerns.

and doing that groundwork is an urgent matter from the company's perspective hence we do have some concerns


While sales have been soft on the front store side, I am confident in the plans we are implementing to reverse these trends.

while sales have been soft on the front store side i am confident in the plans we are implementing to reverse these trends


These methods will allow us to extend our pharmacy offerings deeper into our communities and store footprint.

these methods will allow us to extend our pharmacy offerings deeper into our communities and store footprint


And also, the same in Switzerland, and what the rate of declines were in Switzerland than Germany. From

and also the same in switzerland and what the rate of declines were in switzerland and germany from


Then I was a bit surprised to see still a loss

then i was a bit surprised to see still the loss


And what we are appreciating is our customers asking or embracing

and what we are appreciating is our customers asking or embracing


REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

rex american resources assumes no obligation to publicly update or revise any forward-looking statements


we think that's possible because you just look at the pipeline and look at the years in which we signed the deals,


So this is -- I think many business owners have concluded that this is a time to be investing in the business.

so this is -- i think many business owners have concluded that this is a time to be investing in the business


which are closest to professional activities and professional accreditation, and that's an area both in Books and Journals

which are closest to professional activities and professional accreditation and that's an area both in books and journals


wherever our customer designate, we can make the system in any country they want.

wherever our customer designate we can make this system in any country they want


We believe we are well on track to deliver on the financial targets that we set out in

we believe we are well on track to deliver on the financial targets that we set out in


when we've had the opportunity to look at not only what other mining companies have done over almost a decade, in fact,

when we've had the opportunity to look at not only what other mining companies have done over almost a decade in fact


Our clients can, and in fact many already do, transact on each of the individual measures already available.

our clients can and in fact many already do transact on each of the individual measures already available


Before we begin, I would like to remind you that the discussions during this conference call will include forward-looking statements.

before we begin i would like to remind you that the discussions during this conference call will include forward-looking statements


Northern California has a housing crisis. It's a very acute housing crisis. So

northern california has a housing crisis it's a very acute housing crisis so


to take our business to even greater heights. With that, here is some color on each of our markets.

to take our business to even greater heights with that here are some color on each of our markets


Our performance in Denver has been similar to what the industry has seen, and our media campaign

our performance in denver has been similar to what the industry has seen and our media campaign


we are also investing in our fleet by on-boarding a significant amount of revenue equipment this year.

we are also investing in our fleet by onboarding a significant amount of revenue equipment this year


with a plan to begin manufacturing of finished dosage form registration batches of Cortrophin Gel

with a plan to begin manufacturing of finished dosage form registration batches of cortropin gel


So clearly, the market has changed, the ratio requirement has changed, but in those 2 buildings we can accommodate

so clearly the market has changed the ratio requirement has changed but in those 2 buildings we can accommodate


and getting all the regulatory approvals that are necessary. So I don't think we have any more color that we can provide other than we did at the last conference call.

getting all the regulatory approvals that are necessary so i don't think we have any more color that we can provide other than we did at the last conference call


mostly so that we could get some patterns -- sales patterns and some experience of doing that, understanding what customers were looking for, et cetera.

mostly so that we could get some patterns of sales patterns and some experience at doing that understanding what customers were looking for et cetera


We are very excited about the prospects for XIAFLEX and recognize it to be a very valuable asset.

we are very excited about the prospects for xiaflex and recognize it to be a very valuable asset


strategy here. With this consolidated market, we feel like it's going to be kind of a regular part of our business.

strategy here with this consolidated market we feel like it's going to be kind of a regular part of our business


candidate data gives us competitive advantage in recruiting. And so I think we can each help the other

candidate data gives us competitive advantage in recruiting and so i think we could each help the other


which enables a greater and more strict selection of the projects for which bids are to be made.


This decision gives companies the right to reclaim the tax amounts paid before.

this decision gives companies the right to reclaim the tax amounts paid before


this quarter versus last year, is that we put on a couple of salesmen who were not yet covering their nuts,

this quarter versus last year is that we put on a couple of salesmen who are not yet covering their nuts


which is what they did, because they have a strong capability. We did not do that in France. We just terminated, and that's

which is what they did because they have strong capability we did not do that in france we just terminated and that's


We anticipate our effective income tax rate to be in the 16% to 17% range.

we anticipate our effective income tax rate to be in the 16% to 17% range


And while a change could impact our cost of rewards going forward, it's important to remember exactly what we buy.

and while the change could impact our cost of rewards going forward it's important to remember exactly what we buy


The slides, as we normally present them, are available as you can see. And of course, we're happy to answer questions on any of them.

the slides as we normally present them are available as you can see and of course we're happy to answer questions on any of them


So there's not a magic number that we have in mind to come back in. It's really going to be more driven by

so there's not a magic number that we have in mind to come back in it's really going to be more driven by


and our intention, based on current conditions, is not to redeem these debentures as they become redeemable in August of this year,

our intention based on current conditions is not to redeem these debentures as they become redeemable in august of this year


where we continue to experience strong end market demand for our personal safety solutions.

where we continue to experience strong and market demand for our personal safety solutions


Actual results and performance may differ from those included in the forward-looking statements as a result of factors

actual results and performance may differ from those included in the forward-looking statements as a result of factors


pretty strong in the reels and we had a good quarter in the reels this past quarter. And we anticipate that

pretty strong in the reels and we had a good quarter in the reels this past quarter and we anticipate that


Our profit this year was strongly


and we're looking for that to continue moving forward. I should mention one other thing and that is the technology.

and we're looking for that to continue moving forward i should mention one other thing and that is the technology


We've been able to get this business operating very quickly by leveraging our existing analytics tools and expertise,

we've been able to get this business operating very quickly by leveraging our existing analytics tools and expertise


In our history, we've never had that kind of an impact in a quarter and we expect to recover quickly.

in our history we've never had that kind of an impact in a quarter and we expect to recover quickly


compared to 2015 and a slight decline in commercial and industrial deliveries.


Our infrastructure group benefited from increased commercial construction and infrastructure spending.

our infrastructure group benefited from increased commercial construction and infrastructure spending


would subsequently require additional capital investment for facility upgrades and expansions.

would subsequently require additional capital investments for facility upgrades and expansions


in our warehouses as we've had issues with rail. But we're beginning to see that clean out over the last week or so.

in our warehouses as we've had issues with rail but we're beginning to see that clean out over the last week or so


I would expect all areas of our expense lines to participate in the profit improvement project.

i would expect all areas of our expense lines to participate in the profit improvement project


marking over 15 consecutive years of positive daily average comparable store sales growth.


We've also continued to receive many questions related to specific performance indicators under the HAAS contract.

we've also continued to receive many questions related to specific performance indicators under the haas contract


While we've made great progress, our team understands that it is still early in our transformation.

while we've made great progress our team understands that it is still early in our transformation


than other companies because we've taken a consistent artificial intelligence platform, Einstein,

than other companies because we've taken a consistent artificial intelligence platform einstein


which is being reported as discontinued operations following the dissolution of the AutoMD subsidiary.

which is being reported as discontinued operations following the dissolution of the automd subsidiary


And I know we've talked in the past about how you had unique ways to keep your content cost down.

and i know we've talked in the past about how you have unique ways to keep your content cost down


We grew with a number of clients in the technology, retail, health care and financial services industries in the quarter.

we grew with a number of clients in the technology retail health care and financial services industries in the quarter


Of course, these transactions are subject to customary closing conditions and thus, not guaranteed to close.

of course these transactions are subject to customary closing conditions and thus not guaranteed to close


And so the management transition continues there. But we're actually making great strides. We're really pleased to see that

and so the management transition continues there but we're actually making great strides we're really pleased to see that


At this stage of the lodging cycle, we believe that it is prudent to build dry powder.

at this stage of the lodging cycle we believe that it is prudent to build dry powder


on that restructuring. And that runs everything from dealing with vendors and vendor contracts and

on that restructuring and that runs everything from dealing with vendors and vendor contracts and


or your expectations are now relative to at the end of the last quarter for the balance of the year.


by areas of strength, such as California and Florida. Comps should get easier in the second half of the year.

by areas of strength such as california and florida comps should get easier in the second half of the year


and that's just a bit less than 50%, almost as much as the weather.

and that's just a bit less than 50% almost as much as the weather


We are committed to doing everything it takes to make our company successful. We will make the tough decisions.

we are committed to doing everything it takes to make our company successful we will make the tough decisions


you hear us talk a lot about our integrated business model, which we believe allows us to

you hear us talk a lot about our integrated business model which we believe allows us to


Before getting into a more detailed review of the quarter, I'd like to spend a minute describing the recast

before getting into a more detailed review of the quarter i'd like to spend a minute describing the recast


Turning now to our results by region. While pricing was the main driver of our revenue growth,

turning now to our results by region while pricing was the main driver of our revenue growth


And at the time, I talked about an accelerating mix within sneaker brands and Activewear and men's wear.

and at the time i talked about an accelerating mix within sneaker brands and activewear and menswear


important products for the patients and promote the high standard products.


We continue to focus on our 6 core brands that represent 80% of our business

we continue to focus on our 6 core brands that represent 80% of our business


of mix that we were talking about really dealt with doing


After the markets closed yesterday, we issued our press release and published our earnings presentation and financial supplement.

after the markets closed yesterday we issued our press release and published our earnings presentation and financial supplement


Well, if you're just talking about Connected Campus, I'd say there's still lots of opportunities out there

well if you're just talking about connected campus i'd say there's still lots of opportunities out there


We don't necessarily see that translating into any material impact from a manufacturer's perspective at this time.

we don't necessarily see that translating into any material impact from a manufacturer's perspective at this time


further in being toe-to-toe with them in terms of our scale and our ability to compete more globally with those guys.


the opportunity to move from places that they're already using brachial plexus block to other scenarios where they may not be.


on the Brio Gold division? We think that this is one of the most undervalued group of assets in this company,

on the brillo gold division we think that this is one of the most undervalued group of assets in this company


You also have a summary of our statements of financial position on the following slide.

you also have a summary of our statements of financial position on the following slide


which could drive additional value-creation above and beyond the growth we are targeting in our core EBITDA model.

which could drive additional value creation above and beyond the growth we are targeting in our core ebitda model


versus where we were just a couple of months ago. And we do feel better that we have accounted for everything we know of.

versus where we were just a couple of months ago and we do feel better that we have accounted for everything we know of


The second quarter also saw the deployment of Hosted Voice service across nearly 40% of our markets,

the second quarter also saw the deployment of hosted voice service across nearly 40% of our markets


As Rick said we had another quarter of outstanding performance delivering strong top and bottom line growth.

as rick said we had another quarter of outstanding performance delivering strong top and bottom line growth


once they figured out that they have a large corporate initiative to support responsible investing and that these were